Bombay mix: police catch up with the ‘Indian Madoff’

Hundreds of National Congress party activists have demanded immediate action against the Saradha group chit fund institution after the virtual collapse of the company and thousands losing their investments

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Hundreds of National Congress party activists have demanded immediate action against the Saradha group chit fund institution after the virtual collapse of the company and thousands losing their investmentsPiyal Adhikary/EPA

Police in Kashmir have arrested Sudipta Sen. The Calcutta businessman is
alleged to have misled tens of thousands of investors in eastern India by
promising them huge returns on their cash — which promptly disappeared.

After two weeks on the run, Mr Sen, chairman of the Saradha Group, appeared in
court yesterday. He is due to be handed over to police in West Bengal, where
his group is based.

Mr Sen vanished just a few weeks after customers began to complain that their
savings with the group had gone. Three of his